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Finance (No. 2) Act 2023

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147Accrued pension expense

Where the underlying profits of a member of a multinational group for an accounting period reflect pension expense, the underlying profits are to be adjusted in accordance with the following steps—

  • Step 1

    Determine whether income (expressed as a positive number) or expense (expressed as a negative number) has accrued to the member in respect of the pension fund in the period.

  • Step 2

    Add the sum of contributions made to the pension fund by the member in the period to the result of Step 1.

  • Step 3

    If the result of Step 2 is more than nil, reduce the underlying profits by that amount.

    If the result of Step 2 is less than nil, increase the underlying profits by that amount (as expressed as a positive number).

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